In the context of the economic crisis, reforms can become an effective vehicle for sustained recovery but governments must find the right balance between an effective regulatory and institutional framework and minimising unnecessary red tape. Moreover, governments cannot reset the economy on their own and the contribution of the women and the private sector will be crucial, according to the OECD Secretary-General.

Speaking at the governance forum of the third MENA-OECD ministerial meeting, Mr. Gurría noted that sound regulations and efficient public services are essential for better functioning private markets. He added that governments should ensure integrity, transparency and accountability by modernizing legal frameworks and encourage a more inclusive economy, an economy empowering women.

Opening this event in Marrakesh, Angel Gurría underlined that the economic crisis has not spared the MENA region, with a significant economic contraction and a severe impact on the labour markets. According to the Secretary-General, the MENA-OECD Initiative can serve as a model for effective co-operation in building the global economy of the future.

The OECD Secretary-General, Angel Gurría, explained that innovation will be one of the keys to accelerating recovery and putting firms and countries back on a path to sustainable, smarter and greener growth.

Japan is one of the countries hardest-hit by the crisis. We now see signs of a recovery in Japan, thanks to large-scale fiscal stimulus and accommodative measures by the Bank of Japan. But the great challenge today is to move from a policy-based recovery to self-sustained growth.

A year ahead of Korea chairing the next G20 Summit, Mr. Gurría described in Seoul the “cocktail” of strategy, policies and framework conditions that will enable economies to harness new sources of economic growth, prevent environmental degradation and enhance the quality of life.

In the coming years, the world economy will need a much more solid connection between public policy and the citizen for which policy is made. The spinal cord of that connection can be summed up in one question: What kind of world economy do we want to create?

After two years of bad news and trillions of dollars of losses, the global economy is now stabilising. The challenge is to move from a policy-based recovery to self-sustained growth. How can cities, the main economic engines of this world, contribute to build stronger, cleaner and fairer economies?